I am trying to figure gross profit for number 4. Not sure how to get it.

Erick Navarro ACCT 2302 Spring 2016: MWF 11 AM Class HW Ch 15 instructions | help [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $366,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $27,000; factory rent, $37,000; factory utilities, $22,000; and factory equipment depreciation, $53,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $630,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 1. $ 37,000 14,000 7,000 133,000 105,000 ? Status on April 30 Job 307 $ 31,000 23,000 11,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead 220,000 153,000 ? Finished (sold) Job 308 $ 105,000 104,000 ? Finished (unsold) In process value: Required information 2.50 points Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31). Job 306 Job 307 Job 308 April Total From March Direct Materials $ 31,000 $ 37,000 Direct Labor 23,000 14,000 37,000 Applied overhead 11,500 7,000 18,500 Beginning goods in process $ 65,500 $ $ 58,000 $ 0 $ 68,000 123,500 For April Direct Materials 133,000 220,000 105,000 458,000 Direct Labor 105,000 153,000 104,000 362,000 52,500 76,500 52,000 181,000 290,500 449,500 261,000 1,001,000 261,000 $ 1,124,500 Applied overhead Total costs added in April Total costs (April 30) Status on April 30 356,000 $ 507,500 $ Finished (sold) April 30 cost included in: References $ Finished (unsold) Cost of goods sold Finished goods inventory eBook & Resources In process Work in process inventory Expanded table Learning Objective: 15-P1 Describe and record the flow of materials costs in job order costing. Difficulty: 3 Hard Learning Objective: 15-P2 Describe and record the flow of labor costs in job order costing. Learning Objective: 15-C2 Explain job cost sheets and how they are used in job order costing. Learning Objective: 15-P4 Determine adjustments for overapplied and underapplied factory overhead. Learning Objective: 15-P3 Describe and record the flow of overhead costs in job order costing. Check my work 2. value: 2.50 points a. b. c. d. e. f. g. h. i. j. Materials purchases (on credit). Direct materials used in production. Direct labor paid and assigned to Work in Process Inventory. Indirect labor paid and assigned to Factory Overhead. Overhead costs applied to Work in Process Inventory. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.) Transfer of Jobs 306 and 307 to Finished Goods Inventory. Cost of goods sold for Job 306. Revenue from the sale of Job 306. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) 2. Prepare journal entries for the month of April to record the above transactions. Required information view transaction list view general journal Journal Entry Worksheet 1 2 3 4 5 6 7 8 9 10 11 12 13 Record the entry for Materials purchases (on credit). Transaction a. General Journal Debit Raw materials inventory Credit 530,000 Accounts payable 530,000 *Enter debits before credits done References clear entry record entry eBook & Resources eBook: Describe and record the flow of labor costs in job order costing. eBook: Describe and record the flow of materials costs in job order costing. eBook: Describe and record the flow of overhead costs in job order costing. eBook: Determine adjustments for overapplied and underapplied factory overhead. eBook: Explain job cost sheets and how they are used in job order costing. Check my work 3. value: 2.50 points 3. Prepare a schedule of cost of goods manufactured. Required information MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Direct materials used $ Direct labor used 458,000 362,000 Factory overhead applied 181,000 Total manufacturing costs 1,001,000 Add: Work in process March 31 123,500 Total cost of work in process 1,124,500 Less: Work in process April 30 References 261,000 $ Cost of goods manufactured 863,500 eBook & Resources Worksheet Learning Objective: 15-P1 Describe and record the flow of materials costs in job order costing. Difficulty: 3 Hard Learning Objective: 15-P2 Describe and record the flow of labor costs in job order costing. Learning Objective: 15-C2 Explain job cost sheets and how they are used in job order costing. Learning Objective: 15-P4 Determine adjustments for overapplied and underapplied factory overhead. Learning Objective: 15-P3 Describe and record the flow of overhead costs in job order costing. Check my work 4. value: 2.50 points 4.1 Compute gross profit for April. Required information Gross Profit $ (233,500) 4.2 Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories References eBook & Resources eBook: Describe and record the flow of labor costs in job order costing. eBook: Describe and record the flow of materials costs in job order costing. eBook: Describe and record the flow of overhead costs in job order costing. eBook: Determine adjustments for overapplied and underapplied factory overhead. eBook: Explain job cost sheets and how they are used in job order costing. Check my work 2016 McGraw-Hill Education. All rights reserved. 2016